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Ackman: Crime Will Never End, Invest in Jail
by Christopher Glynn ,Senior Reporter, October 21, 2009

William Ackman revealed he bought up Corrections Corp. of America.

His Pershing Square Capital Management has a 9.5% stake in Corrections Corp., the biggest prison operator in the country.

Ackman explained his rationale behind the investment at an asset management conference.

“The biggest risk is that people stop committing crime, and I think that is a low probability event,” he told the audience.

Ackman valued Corrections Corp. at $40 to $54 a share. Stock in the company jumped 5% to just over $25 a share.

Ackman, 43, is an activist shareholder who has campaigned to shakeup fast food chain McDonald’s and discount retailer Target Corp.

The hedge fund manager gave his take on Corrections Corp. while speaking at the annual Value Investing Congress held in New York.

  
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POSTED BY Christopher Glynn at 10/21/2009 11:54:50 AM
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